Poundworld administration: Hundreds of Welsh jobs at risk

Image caption, Poundworld in Carmarthen could be one of the affected stores

11 June 2018

Hundreds of Welsh retail jobs are under threat after the collapse of high street chain Poundworld.

The discount retailer, which serves two million customers a week, has appointed administrators after talks with a potential buyer, R Capital, collapsed.

The company has 21 of its 335 UK stores in Wales, employing about 300 staff.

Administrator Deloitte hopes to find a buyer for Poundworld, which also trades under Bargain Buys, and ruled out instant redundancies or store closures.

The announcement comes days after the House of Fraser announced the closure of its Cardiff and Cwmbran department stores next year threatening almost 440 jobs.

Joint administrator Clare Boardman said: "The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.

"Unfortunately this has not been possible."